AMF: Finalisation of UCITS IV Directive transposition

21 October 2011

The modifications to the AMF General Regulation, transposing the UCITS IV Directive and modernising the legal framework of asset management, were approved.

The main modifications to Book III on portfolio management companies and collective investment scheme depositaries concern:

• the terms on which portfolio management companies may invest their capital;
• application of the claims processing procedure provided by the UCITS IV Directive to claims from clients;
• application of the risk management system provided by the UCITS IV Directive to management of collective investment schemes, as well as to individual asset management and real estate collective investment schemes (OPCI);
• adaptation of the content of the standard contract signed between the portfolio management company and the depositary to the terms of the UCITS IV Directive.

The main modifications to Book IV on collective investment schemes concern:

• application of the cross-border notification procedure for French collective investment schemes wishing to distribute their units or shares abroad;
• application of the cross-border authorisation regimes for mergers of UCITS and “master-feeder” structures;
• replacement of the simplified prospectus by a clear, easily-understandable document containing “key investor information” (KIID).

Press release

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